Automotive Subscription Market Size AndForecast
AutomotiveSubscription Market was valued at USD 2.85 Billion in 2019 and is projected toreach USD38.81 Billion by 2027, growing at a CAGR of 38.40% from 2020to 2027.
There has beenan increase in penetration of Automotive Subscription service providers becauseof the growing demand for car leasing services by consumers due to itscost-effectiveness and convenience. The growing regulations by governments inorder to control emissions from vehicles are expected to positively impactindustry growth. An upsurge in technological expertise has fueled the marketgrowth. Furthermore, the lack of proper public transportation facilities indeveloping regions will lead to enhance market growth. The GlobalAutomotive Subscription Market report provides a holistic evaluation of themarket. The report offers a comprehensive analysis of key segments, trends,drivers, restraints, competitive landscape, and factors that are playing asubstantial role in the market.
GlobalAutomotive Subscription Market Definition
AutomotiveSubscription is a service that gives the customer the right to use one or moreautomotive vehicles in exchange for subscription fees. Its cost-effectivenature allows customers to use the vehicle without paying for vehicle insuranceand maintenance. There is no need to pay EMI or make a huge down payment. Itoffers more safety and security along with hygiene as compared to a taxi orcab. It gives customers the flexibility to choose from a wide range of vehiclemodels for fixed-fee payment. Therefore, convenience, cost-saving, flexibility,and fixed pricing are some of the features attracting customers to theautomotive subscription market.
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GlobalAutomotive Subscription Market Overview
The AutomotiveSubscription Market is experiencing tremendous growth due to the low financialliability associated with it as compared to vehicle ownership. The increase inthe purchase price of vehicles along with the costs associated related toinsurance and maintenance are enabling consumers to switch to AutomotiveSubscription. People can enjoy the same luxuries now at an affordable cost.Automotive subscription offers consumers the flexibility to switch betweenmultiple vehicle models in exchange for a subscription fee. It encouragesconsumers to take the car on lease which helps in protecting the environmentfrom excessive pollution. It offers connectivity service in countries whichlack proper transportation infrastructure. The increasing dependence ontechnology ensures that the service offered to the customers is secure and safewhich further enhances the growth.
The Covid-19outbreak has negatively impacted the traveling industry. However, post Covid-19the automotive subscription services will become more popular as consumersprefer personal vehicles over public transport. The high monthly charges forshort-term subscriptions might restrict the market growth. Also, the lack ofadequate transportation infrastructure to support the automotive subscriptionin developing countries might affect the market growth.
GlobalAutomotive Subscription Market Segmentation Analysis
The GlobalAutomotive Subscription Market is segmented On The Basis of SubscriptionProvider, Vehicle Type, Subscription Period, And Geography.
AutomotiveSubscription Market, By Subscription Provider
• Third party service provider
Based onSubscription Provider, the market is bifurcated into OEM and Third-partyservice providers. Owing to the rising demand for luxury vehicles, the marketis dominated by such as Jaguar land rover and Nissan. Their aim is to focus onenergy efficiency and electric mobility as future technologies. Majorautomotive manufacturers are entering into a partnership with third-partyservice provides such as Zoomcar and Revv to offer Automotive subscriptionservices.
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AutomotiveSubscription Market, By Vehicle Type
• Luxury car
• Executive car
• Economy car
Based on VehicleType, the market is bifurcated into Luxury car, Executive car and Economy car.Catering to different income groups of the population, Automotive subscriptiondiversifies the consumer choices by charging different fees depending on thetype of car to satisfy the affordability needs of the consumer.
AutomotiveSubscription Market, By Subscription Period
• 0-6 months
• 6-12 months
• More than 12 months
Based onSubscription Period, the market is bifurcated into 0-6 months, 6-12 months andmore than 12 months.
AutomotiveSubscription Market, By Geography
• North America
• Asia Pacific
• Rest of the world
On the basis ofgeography, the Global Automotive Subscription Market is classified into NorthAmerica, Europe, Asia Pacific, and Rest of the world. UK had the largest marketshare due to the presence of major automotive manufacturers followed by NorthAmerica.
KeyPlayers In Automotive Subscription Market
The “GlobalAutomotive Subscription Market” study report will provide a valuable insightwith an emphasis on the global market. The major players in the marketare BMW AG,Daimler AG, General Motors Co., Hyundai Motor Co., PrimeMover MobilityTechnologies Private Limited (Revv), Tata Motors Ltd., Tesla, Volkswagen AG,Volvo AB, and ZoomCar. The competitive landscape sectionalso includes key development strategies, market share, and market rankinganalysis of the above-mentioned players globally.
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